NEW DELHI: The National Company Law Tribunal (NCLT) Delhi, in its recent order, has directed Buildwell Builders, an associate company of Omaxe, to maintain ‘status quo’ on shareholdings and directorship.

The court also directed that Sunil be allowed access to his office in Kalkaji, Delhi and the records of the company. “I hold 25 per cent share in Buildwell,” Sunil informed ETRealty.

The order came after Sunil Goel, joint managing director of Omaxe, filed a petition in NCLT Delhi alleging that his equity in Buildwell may be diluted. He also alleged that Omaxe pledged Buildwell’s Kalkaji office to Edelweiss without informing him and has prevented him from entering his own office in the building.

"Sunil Goel as a director of Buildwell is always entitled to visit the registered office of the company and the court has directed the same," informed the spokesperson of Omaxe to ETRealty.

In a separate order, NCLT Chandigarh has restrained Guild Builders from issuing any further shares. The court also issued notices to Sunil’s elder brother Rohtas Goel, Guild Builders and Omaxe.

The order relates to Sunil’s plea seeking restraining the pledging of the share of Guild Builders and inspection of the accounts of the Omaxe. He has also sought reinstatement as director of the company and ‘status quo’ on assets.

The shareholding of the promoter and promoter group in Omaxe is through Guild Builders, which holds around 62.57 percent shares and is its holding company as of March 2018. While Rohtas represents the largest promoter group with about 65-70% shares of Omaxe, Sunil is the second largest promoter shareholder with a 20% shareholding.

Previously, Sunil has alleged financial fraud in the Omaxe Group and filed a legal petition on September 17 against the chairman and the elder brother, Rohtas, for malpractices and financial mismanagement in the real estate company.

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According to Sunil’s allegations, in the last one year Omaxe has increased its loan exposure from Rs 1,300 crore to Rs 1,800 crore while the revenue and profit has declined.

“The current financial scenario of the group is not stable, and profitability has dipped despite taking the extra loans from various banks and financial services providers,” Sunil had alleged in its previous plea.

Omaxe in its reply to ETRealty in September had denied all the allegations calling them false and frivolous.

The case in NCLT Delhi will next be heard on November 20 while the one in NCLT Chandigarh will next be heard on November 16.

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The court said it is the obligation of the government to protect its citizens who belong to middle class family and invested their hard earned money in buying flats but got cheated by builders and facing uncertainty.